Actress Rena Rui Xuan issues NFTs and establishes LoreneDAO! The market reacts enthusiastically, but the issuance sparks controversy.

Following singer Chen Ling Jiu and YouTuber influencer Onion, Taiwanese female artist Ren Rong Xuan also established LoreneDAO yesterday evening, issuing a total of 60 NFTs featuring her own photos as the theme. The market response is currently enthusiastic, with the floor price on OpenSea increasing by nearly 40 times, and each NFT priced at a minimum of 2.3 ETH.

Establishment of LoreneDAO

As a heavy NFT enthusiast, Lorene Jen's wallet address reveals involvement in various well-known NFT projects. She often shares her NFT collections on Twitter.

"Seeing all the chaos surrounding various DAOs in the news these past few days, I decided to personally experience the power of blockchain, learn online, and launch the LoreneDAO project," Lorene Jen expressed in a Discord group.

NFT Release Information

Upon LoreneDAO's establishment, Lorene Jen chose 7 of her own photos and minted them for release on OpenSea, with a total of 60 pieces. Details are as follows:

• #1-#50, initial price of 0.06 ETH. 5 different photos
• #51-#56, initial price of 0.26 ETH. 1 photo
• #57-#60, initial price of 0.6 ETH. 1 photo, #60 permanently held by her

NFT Empowerment

Holders of LoreneDAO can join Lorene Jen's private community and have the opportunity to qualify for whitelist projects.

Currently, the market response is enthusiastic, with a trading volume exceeding 70 ETH, about $220,000, and the floor price has nearly quadrupled, with each NFT priced at a minimum of 2.3 ETH, around $7,100.

Controversy over LoreneDAO Release

At the start of the NFT release, there were suspicions of someone impersonating Lorene Jen's account in PhantaBear's Jay Bear Discord group to promote LoreneDAO. Many viewed this as "rugging," questioning why promotion wasn't done through widely-followed social media platforms like FB or IG instead of openly advertising in other project Discord groups. Subsequently, the account was removed by PhantaBear's moderators. This action, along with removal of advertising by other Jay Bear NFT holders in the community, sparked discussions on open community practices and rights, as seen here.

Currently, the identity behind this behavior remains unconfirmed. Observing Lorene Jen's Discord account, she is no longer in the PhantaBear Discord group.

However, there could be various reasons why Lorene Jen did not promote through her vast social media following. This being her first NFT release, it may be more of an experiment. Additionally, with mixed reviews of NFTs in and outside the crypto community, a public figure issuing NFTs may feel pressure. Furthermore, with only 60 pieces issued, heavy promotion could lead to high demand surpassing supply, fueling speculative NFT market conditions. The exact reasons remain to be confirmed. For those interested in joining LoreneDAO or learning more, they can join the Discord group.

Is it another chasing high FOMO Dog system?

In a voice chat in LoreneDAO on the 19th, Lorene Jen asked if any members were willing to be moderators, and FOMO Dog Taiwan NFT group members, who have recently received mixed reviews, volunteered. Lorene Jen herself recently joined the FOMO Dog Discord and the NFTs posted on the Instagram account opened for NFTs are all projects linked to FOMO Dog.

This organization has been a driving/support force behind recent releases of NFTs by multiple internet celebrities and artists. Whether this project is related remains to be observed. Update 1/20: Lorene Jen has joined FOMO Dog.